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    Annual Report 2012
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 <div class="mddContentText">
   <div class="sf_title_level_2"><span class="z_sf_title_level_2_cs" style="">2 Capital Structure</span></div>
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      <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">2.1 Capital</span></div>
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      <div class="sf_body"><span class="z_sf_body_cs" style="">The share capital of Siegfried Holding AG recorded in the commercial registry is CHF
            7,600,000 (as of December 31, 2011) and is divided into 3,800,000 fully paid-up nominal
            shares with a par value of CHF 2 per share. Each nominal share authorizes the holder
            to exercise one vote at the General Meeting, and is allotted an annual dividend (depending
            on the Board of Directors resolution). There are no priority claims.</span></div>
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   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">The Siegfried Holding AG statutes make provision for authorized capital (see section
            2.2).</span></div>
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      <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">2.2 Authorized capital</span></div>
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      <div class="sf_body"><span class="z_sf_body_cs" style="">The Siegfried Holding AG General Meeting of Shareholders, held on April 14, 2010,
            approved an amendment to create authorized capital of CHF 2.8 million, divided into
            1.4 million shares (par value: CHF 2 per share). Of these, 1,000,000 nominal shares
            (par value: CHF 2 per share) were distributed by December 31, 2011, leaving a remainder
            of CHF 800,000 in authorized capital, divided into 400,000 nominal shares (par value:
            CHF 2 per share).</span></div>
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   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">Of the original 1.4 million nominal shares originating from authorized capital, 1,050,000
            nominal shares were created for discretionary use or for mandatory exchanges of conversion
            rights or option privileges in connection with bond/debt securities or other financial
            market instruments issued by Siegfried Holding AG or an affiliated company. Holders
            of conversion rights or option privileges may acquire new shares; purchase by stockholders
            is not allowed. The Board of Directors sets the conditions for the conversion and/or
            option conditions, and is also authorized to limit or eliminate stockholders’ primary
            subscription rights when issuing bonds, debt securities or other financial instruments
            that are combined with conversion rights and option privileges – if the subscription
            is intended for financing (or refinancing) of acquisitions, corporate divisions or
            new investments and/or the emission takes place in national or international capital
            markets. If the Board decides to neither directly or indirectly allow primary subscription
            rights, (i) bond/debt securities, other financial instruments and new shares are to
            be issued at normal market conditions and (ii) conversion and option rights may be
            exercised up to seven years after the emission date. The purchase of shares through
            conversion or option rights, including any subsequent transfer of shares, is subject
            to the restrictions listed under Article 5 in the statutes (see Section 2.4). All
            of the 1,050,000 nominal shares (based on authorized capital) described above were
            used to secure the mandatory convertible notes (see Section 2.5); of these, 1,000,000
            shares were issued due to conversions of mandatory convertible notes into shares (see
            Section 2.5).</span></div>
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      <div class="sf_body"><span class="z_sf_body_cs" style="">Of the original 1.4 million nominal shares based on authorized capital, 350,000 shares
            were created for distribution to members of the Board, Group and subsidiary company
            employees. Company shareholders are excluded from any primary subscription or purchase
            rights. Any allotment of shares or related purchase rights to members of the Board
            and/or employees (of the Group or subsidiary companies) follow the regulation(s) set
            by the Board and take performance, function, responsibilities and productivity criteria
            into account. Shares or purchase rights issued to members of the Board and/or employees
            (of the Group or subsidiary companies) can be issued at a price lower than the current
            stock market valuation. Acquisition of shares as part of the employee stock option
            plan and any subsequent transfers of shares follow the restrictions described in Article
            5 of the statutes (see Section 2.4); the 350,000 nominal shares of authorized capital
            described therein secure in particular the employee stock option plan and equity ownership
            plan offered to members of the Board, Executive Management and Management (see Section
            5.2), and if need be, to other shareholding plans for members of the Board and/or
            employees (of the Group or subsidiary companies). As of January 1, 2012, equity ownership
            plan (EOP 2012) was offered to level 3 and 4 Management.</span></div>
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   <div class="mddContentText">
      <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">2.3 Changes in capital</span></div>
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      <div class="sf_body"><span class="z_sf_body_cs" style="">In 2011, authorized capital was used to issue 870,590 nominal shares with a par value
            of CHF 2 per share, leaving CHF 800,000 in authorized capital, divided into 400,000
            nominal shares with a par value of CHF 2 per share. As of December 31, 2011, the actual
            Siegfried Holding AG share capital amount distributed was CHF 7,600,000, divided into
            3,800,000 fully paid nominal shares with a par value of CHF 2 per share (see Section
            2.1). The capital increases based on authorized capital enacted in 2010 and 2011 were
            confirmed with a revision of the statutes on March 9, 2011 and May 18, 2011 and also
            recorded in the commercial registry.</span></div>
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   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">In 2010, 129,410 nominal shares with a par value of CHF 2 per share were issued out
            of authorized capital confirmed by revisions in the statutes in the same year (see
            Section 2.2). As of December 31, 2010, authorized capital of CHF 2,541,180 remained,
            divided into 1,270,590 nominal shares with a par value of CHF 2 per share. As of December
            31, 2010, the actually distributed share capital was CHF 5,858,820, divided into 2,929,410
            fully paid nominal shares with a par value of CHF 2 per share. </span></div>
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      <div class="sf_body"><span class="z_sf_body_cs" style="">There were no changes in capital in 2009.</span></div>
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   <div class="mddContentText">
      <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">2.4 Limitations on transferability  and registration</span></div>
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      <div class="sf_body"><span class="z_sf_body_cs" style="">Only persons entered in the share registry can exercise the right to vote and related
            privileges. Registration is subject to the following statutory restrictions:</span></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Registration requests are considered granted if the company has not denied them
            within  20days after receipt.</span></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Petitioners must declare in writing that they have acquired the shares in their
            own name and account.</span></div>
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   <div class="mddContentText">
      <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">– The statutes do not allow any special conditions for nominee registrations.</span></div>
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   <div class="mddContentText">
      <div class="sf_title_level_4-after-3"><span class="z_sf_title_level_4_cs" style="">2.5 Mandatory convertible notes</span></div>
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      <div class="sf_body"><span class="z_sf_body_cs" style="">On May 5, 2010, Siegfried Holding AG issued 5% mandatory convertible notes in the
            amount of CHF 80 million, with each note valued at CHF 800. The primary subscription
            rights of current shareholders were largely granted. The notes were distributed at
            100% of the issue price. The mandatory convertible note had a 5% p.a. coupon with
            a contract period of one year. The notes were converted into nominal shares of Siegfried
            Holding AG on the designated maturity date (May 5, 2011) at a conversion price of
            CHF 80. The conversion ratio was CHF 800/conversion price, converting the mandatory
            convertible notes into 1 million nominal shares of Siegfried Holding AG. The mandatory
            convertible notes were underwritten by 1,050,000 nominal shares from the authorized
            capital of Siegfried Holding AG (see Section 2.2). Up to the conversion date, the
            mandatory convertible notes were reported as borrowed capital. At the time of conversion,
            an amount equal to the par value of a nominal share of Siegfried Holding AG was allocated
            to share capital and the surplus amount (minus interest payments) to the reserve of
            cash contributions.</span></div>
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